Automatic Bank Pay
Download PDF to sign up for Auto pay - Automatic_Bank_Pay.pdf
Another service from Lake Region Electric!
Bank Pay takes the time-consuming chore of paying your utility bill off your hands. Besides saving time, it saves work and simplifies your life!
With Bank Pay you can have your utility bill deducted automatically from your checking account, savings account or credit card. You never have to write us another check!
Is Bank Pay anything like direct deposit of payroll or Social Security Checks?
Yes! If you have your pay deposited automatically into your bank account, that process uses the same procedure in reverse. Instead of deposits being made to your account, payments are made from it. Both programs - Bank Pay and Direct Deposit - are made through an automated clearing house (ACH), a national electronic payment system.
How can you take money out of my account?
Only with your authorization. No one is allowed to collect payments from your account.
How much does Bank Pay cost?
Bank Pay is a free service of Lake Region Electric. You will actually be saving money that you would otherwise spend on stamps, checks and envelopes. Bank Pay can also save you money in late payment charges if there's ever been a time when you've forgotten to mail your payment on time.
When are automatic payments taken out of my account?
Payments are deducted from your account on the last working day that is closest to the 15th of the month.
You never have to worry about forgetting a payment or making it on time.
How will I know how much money to deduct from my account?
We'll send you a monthly statement well in advance of the charges to be paid automatically from your account. If you have a question, contact Lake Region Electric.
How do I keep my checkbook straight?
Your payment is made at the same time each month, so you can deduct it from your check record then.
How can I prove I made my payments?
Your bank or credit card statement gives you an itemized list of automatic payments. It's your proof of payment. It also makes reconciling your checking or savings account easy.
Is Bank Pay risky? I don't want mistakes made in my bank account.
Bank Pay may actually be less risky than check payments. Payments can't be lost, stolen or destroyed in the mail.
What if I change banks or accounts?
Just complete another authorization or call us and we'll send you a new authorization to fill out with the new account information. Please allow enough lead time to complete the change.
What if I try Bank Pay and don't like it?
You can cancel your authorization for Bank Pay at any time by notifying us in writing. But once you've enjoyed the convenience or paying automatically and the savings of time and money, we doubt you'll want to go back to paying bills the hard way.
How do I sign up for Bank Pay?
Download the following form, complete and return it to us.
1212 North Main Street
Webster, SD 57274
Phone: 605-345-3379
Toll Free: 800-657-5869
Fax: 605-345-4442